According to Bloomberg, Zhejiang Xingrun Real Estate Co. has collapsed with 3.5 billion yuan (USD $566.6 million) of debt. The collapse comes just days after China’s Premier Li Keqiang said China will “confront serious challenges this year” and warned to expect a wave of bankruptcies.
» China Developer With $567 Million Debt Said to Collapse – Bloomberg, 18th March 2014.
» China facing fresh ‘ghost town’ crisis after developer collapse – Sydney Morning Herald, 18th March 2014.
» China property default threat stirs ghost town fears – The Australian Financial Review, 18th March 2014.
» Chinese Property Developer Defaults on Loans – The Wall Street Journal, 18th March 2014.
» Looming property default in China raises fears of broader crisis – The Telegraph, 17th March 2014.